Bristol-based ‘flying taxi’ firm to list in US through SPAC deal – report
Two of the UK’s highest-profile entrepreneurs are to list a ‘flying taxi’ business in the US with an estimated value of US$2bn.
OVO Energy founder Stephen Fitzpatrick is in talks to merge his Vertical Aerospace business with Broadstone, a special acquisitions company or SPAC set up by Hugh Osmond, who is best known for his involvement in Pizza Express, Punch Taverns and insurer Phoenix Group.
Sky News reported that the deal might be announced a soon as tomorrow, with Vertical Aerospace targeting its first flight in 2024.
The Bristol-based business’s president is Michael Cervenka, a former Rolls-Royce executive and the listing will see it tap into a market seeing huge investor interest currently.
Other US SPAC listings recently have included Joby Aviation, a California-based electric vertical take-off and landing (eVTOL) aircraft developer.
Vertical Aerospace has said its eVTOL planes will be capable of carrying four passengers for 120 miles at cruise speeds of up to 200mph.
In March, it announced it would be working with Rolls-Royce to develop the engines.
Fitzpatrick is best known through OVO Energy, which became the UK’s second-largest energy supplier following its acquisition of SSE’s retail arm last year, but he set up Vertical Aerospace five years ago.